NATCHEZ, Miss. (AP) – Natchez officials plan to borrow approximately $166,000 to cover expenses for payroll and bills this month.
The Natchez Democrat reports the emergency loan is a change from the city’s original plan to ask Magnolia Bluffs Casino to pay in advance the $250,000 in remaining lease payments for the year or take out a three-month loan for the expenses. That plan was outlined at an aldermen budget meeting last week.
On Friday, Interim City Clerk Melissa Hawk said since the city’s current cash flow problem stems from money tied up as reimbursable grant funds, the city applied for the emergency expenditure loan based on the grant funding’s pending reimbursement.
Hawk says the city does not need the full $250,000 loan for which it had previously planned, because the casino’s September lease payment of $83,333 has been received.
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Information from: The Natchez Democrat
